market to go down significantly from here. >> so you think, then, that earnings aren't as big a significant contributor to where stock prices are, the fed isn't as big as the tail risk disappearing. what are the other tail risks that you would worry about that could unseat this stock market rally? >> well, i think the major problem is the longer term outlook, because this rally is going to run into problems as it becomes apparent that there is a temporary, at least, limit to upside economic growth. and at the moment, as you know, profit margins are not going anywhere. and indeed, earnings are not going anywhere. and unless you getconoc growth coming back in play, earnings are not going to be able to substantiate the market going up very much more. >> so let's pursue the idea of what is next for the economy. can it continue to grow? at what speed, and with what affect on unemployment?